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Gold Coins Safer Than Currencies - RBZ

Gold Coins Safer Than Currencies - RBZ

The Reserve Bank of Zimbabwe (RBZ) says it introduced gold coins last month as a store of value as the gold price is more stable compared to other commodities.

Azvinandava Saburi, director of financial markets at the RBZ, said that even though there are risks in trading in gold, the yellow metal is more stable than currencies, especially during a time of heightened geopolitical tensions.

Saburi made the remarks while addressing Members of Parliament from the Parliamentary Portfolio Committee on Mines and Mining Development during a mining workshop in Kariba. He said:

The prices of gold are always changing. That is why I said you are taking a risk (in buying gold coins).

We have reduced the number of risks, but the price risk that is on the gold and the volatility of the gold price is lower compared to other commodities.

There is a school of thought that says when there is tension in the world, the only safe haven is gold.

So, a lot of people are actually going for gold because of what’s happening in the geo-politic.

A lot of people are not comfortable holding currencies because they are more volatile than gold.

They see gold as a safe haven because it has more stability than currency, which is affected by politics.

RBZ governor John Mangudya released the first US$3.6 million worth of gold coins on 25 July.

In his Mid-Term Monetary Policy Statement released on Thursday, 11 August 2022, Mangudya said the RBZ will introduce into the market smaller units of gold coins in mid-November 2022. He said:

Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022.

The features, characteristics and sale terms and conditions shall remain the same as the current trading arrangements of the gold coins in circulation.

More: NewsDay

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sivhuru sevhandi 1 month ago

hmmmm ndezvevanemari. isu toatenga nei hedu pa 30 000 rtgs

Golddigger 1 month ago

Selling the gold coins in Zimbabwe dollars does not make economic sense as the zimbabwe dollar is losing value on a weekly basis and for those who buy the coins, the coins are overpriced so you will lose money when you resell them.

Chimboti Pizza 1 month ago

@Golddigger ksna usingazive unongonyarara, magold coins aya akutengeswa neprice yegold paInternational market saka hameno kuti zvaukutaura ukuzviwana kupi

Jonah chibadura 1 month ago

Hie golddigger, may you explain your theory please

Mmmm 1 month ago

I'll stick with my USD, more usable and easier to trade with.

🗣️ Apolitically 1 month ago

Store of value Yani la ... while the local currency has no value it doesn't make any sense at all.
we need socio economic reforms that will be favorable to all, not implementing so called system that only benefit the high class society only.

Citizen 1 month ago

They're looting big time knowing their days are numbered at the helm of the country. Preparing for the dry season. We know you and we are coming for recoveries next year

Observer 1 month ago

@A.saburi "That is why I said you are taking a risk (in buying gold coins)."
Mmmmmm??? 😋


mugabe 1 month ago

Azvinandava iZita here iri. anyway no problem let us keep our us$ coz we don't trust anything from rbz. don't remind us of travellers cheques,bond notes,pangolin coins,zero to hero. you are only but a bunch of failures

mugabe 1 month ago

ndinongotenga us$ direct nemazwl acho. ndizvinetserei kumbotenga matombo ndozoatengesazve

Chimboti Pizza 1 month ago

@mugabe, iwe unenge uchimbotengerei gold coin nemaUSD, main purpose yegold coin ndeyekuti value yemaZim Dollar aunenge unawo ichengetedzeke. Magold coin anozongotengeswawo neUSD as well but it's better kushandisa ZWL

#101 1 month ago

inga kaburi arikutoti it's a risk, "The prices of gold are always changing. That is why I said you are taking a risk (in buying gold coins)." as for me I can not risk haibooo

Chimboti Pizza 1 month ago

@#101 kana vakuru vachitaura teerera, hanzi maprice egold anogara achichinja but also value yeUSD rinochinja worse especially munguva yatiri yekuti annual inflation yeUSD iripa9%. Besides gold coin iri vanhu vanokurudzirwa kuti vashandise ZWL kuritenga nekuti ZWL ndorine risk hombe yekurohwa neinflation

citizen 1 month ago

ma grams mangani pa coin kuno gram riripa $50 ko ravo gram

Golddigger 1 month ago

22k =91.6 % purity @ 31.1035 Troy Oz.

Chapwititi Kestombela 1 month ago

This is just a **** scheme to clean their loot by buying gold coins. No ordinary person or civil servants can afford such gold coins. You created this avenue for yourselves only!!! As the apex bank boss said, most of the gold coins were bought using RTGS$. As an economist i concur with others that indeed this is daylight stealing

As I see it 1 month ago

What's going to happen when those that bought the coins want to sell it to the RBZ after 180 days and be payed in USD that's in short supply and hopefully not at a loss.

cas 1 month ago

vaudze hako mukomana zvimwe zvinhu usangogara uchifunga politically unorasika ,iwe ungachemera kutenga gold coin uchitadza kutenga weekly data ,the gold coins were meant for those with huge amount of rtgs yavarikutora vachinochinja mu street at the same time causing inflation.if u check right now pa black market ma rates akamira cz bond ishoma

Chimboti Pizza 1 month ago

@Chapwititi Kestombela I disagree, ichokwadi kuti ordinary pple can't afford the gold coins but they will benefit because inflation irikukonzerwa nemabig companies arikunotsvaga maUSD mublack market so inflation inodzika because instead macompanies iwayo akunotora magold coins instead. Kudzika kweinflation ndokubenefitter kuchaita the ordinary person

Golddigger 1 month ago

31.1035 grms Troy Oz.

gold dealer 1 month ago

usanyepere vangu iwee even ne international price hazviiti,asi mune international price yenyu mega check today then it also flactuates.

As I see it 1 month ago

Buying a gold coin and having it frozen for 180 days before you can use it seems a bad idea to me.
You can better invest your money for 180 days that will give you good returns. Making your money work on a daily basis will give you good returns.
In 180 days we will see what happens when those who bought the coins want payment in USD that's in short supply.

Gafa 1 month ago

Be specific its safe against yo currency Zimdora not the rest.

Gafa 1 month ago

Munhu akajaira kushandiswa zvepolitics rinenge ratove benzi chero zviri pachena haazvioni kkkkk.Lets wait for 180days nezvitombo tigonzwa.

Chihera 1 month ago

Kkkkkkkk hanzi munhu akajaira politics nyangwe zviri pachena hauzvione

Joel Samwanda 1 month ago

zvinofadza kuva nemari yedu

Gear lever 1 month ago

Gold coin renyu mazonyanya kurifonera

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